Making a fast buck from crisp bucks

Making a fast buck from crisp bucks
RAKESH ROCKY

JAMMU, FEB 19: Although the Reserve Bank of India (RBI) has stopped printing one, two and five rupee denomination notes since the last six years, one can still get these in Jammu, but of course, at a premium.

An inquiry made by The Indian Express reveals that these crisp notes are brought from Delhi by locals who then sell them in black here. The high & mighty from the upmarket segment here have no trouble in procuring crisp currency for use on occasions like marriages and birthday celebrations.

A pack consisting of 100 brand new and crisp Re one notes fetches a fancy rate of Rs 275 to 300, Rs Two at Rs 350 to 400 and for Rs Five the going rate is Rs 750 to 800. "They give these notes to us in black and rates are fixed by them only", said one shopkeeper in the city.

Although the demand for garlands peaks during the marriage season, they are much sought after for birthdays also. "Garlands made of currency notes are a craze in the city so much so that it has been identified as an integral part of the culture, specially in marriages.

According to shopkeepers at times currency of larger denominations like Rs 100 are used but garlands made of lower denomination are more popular.

R P Gupta, Deputy General Manager of RBI, said "We can only take action if we get any complaint of holding of such notes. If someone is blackmarketing such currency then it is the police who have to take action".